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ucfvgirl
Joined: 28 Sep 2005
Location: Bundang
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 Posted: Sat Feb 10, 2007 9:57 pm Post subject: Pension Refund |
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I know this has been asked a million times before, but I can't remember all the answers.
I know that I have been contributing to the pension through my school and so has my school. So, at a pay rate of 2.3 m, we are contributing about 207, 000 a month. When I leave to go to Canada and I make my claim, will I get all of the money back or is it only a % of the contribution?
And to anyone that is back in Canada and has already gone through this, how long did it take to get your money into your Canadian account? |
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cruisemonkey
Joined: 04 Jul 2005
Location: Hopefully, the same place as my luggage.
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| Posted: Sat Feb 10, 2007 10:29 pm Post subject: |
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| As a Canadian, you get it all back. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Feb 10, 2007 10:46 pm Post subject: Re: Pension Refund |
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| ucfvgirl wrote: |
I know this has been asked a million times before, but I can't remember all the answers.
I know that I have been contributing to the pension through my school and so has my school. So, at a pay rate of 2.3 m, we are contributing about 207, 000 a month. When I leave to go to Canada and I make my claim, will I get all of the money back or is it only a % of the contribution?
And to anyone that is back in Canada and has already gone through this, how long did it take to get your money into your Canadian account? |
As a Canadian you get back 100% of the combined contributions made to your account.
It typically takes a couple months before the money appears in your Canadian bank account.
Information and downloadable/printable forms are available here:
http://www.nps4u.or.kr/eng/enpsk.html?code=./enpsk/a06.html |
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rumdiary
Joined: 05 Jun 2006
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| Posted: Sun Feb 11, 2007 2:32 am Post subject: |
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| Do American get it all back? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Feb 11, 2007 4:38 am Post subject: |
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| rumdiary wrote: |
| Do American get it all back? |
Yes, they get a lump sum 100% refund of all pension contributions when they depart Korea.
Read the web link in the post above. |
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bradshaw
Joined: 13 Feb 2007
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| Posted: Thu Feb 15, 2007 10:40 am Post subject: |
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| To pay into a pension, I thought I read somewhere that a certain number of foreign teachers must be employeed at your school. Can anyone confirm this number? Thanks! |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Thu Feb 15, 2007 10:55 am Post subject: |
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Yes. The number is one or more.  |
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chronicpride
Joined: 16 Jan 2003
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| Posted: Thu Feb 15, 2007 2:39 pm Post subject: |
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| bradshaw wrote: |
| To pay into a pension, I thought I read somewhere that a certain number of foreign teachers must be employeed at your school. Can anyone confirm this number? Thanks! |
Businesses with 5 or more full-time employees must pay in. In the next few years, this will begin to apply to businesses with 5 or less, as well.
http://wiki.galbijim.com/Korean_pension_plan#Background |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Feb 15, 2007 2:45 pm Post subject: |
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| chronicpride wrote: |
| bradshaw wrote: |
| To pay into a pension, I thought I read somewhere that a certain number of foreign teachers must be employeed at your school. Can anyone confirm this number? Thanks! |
Businesses with 5 or more full-time employees must pay in. In the next few years, this will begin to apply to businesses with 5 or less, as well.
http://wiki.galbijim.com/Korean_pension_plan#Background |
Incorrect....
quoted from the national pension page:
http://www.nps4u.or.kr/eng/enpsk.html?code=./enpsk/a06.html
Foreigners working at the workplace with more than 5 full-time employees were included in the mandatory coverage in August 1995 and those working at the workplace with less than 5 employees including self-employed foreigners were also included in the mandatory coverage in April 1999. |
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chronicpride
Joined: 16 Jan 2003
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| Posted: Thu Feb 15, 2007 3:22 pm Post subject: |
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| Something is wrong with that. Maybe its just wrong in execution, perhaps. I had to deal with all these specifics with a natl pension office back in 2003, in a dispute with my hagwon over pension and them having staffing considerations. The quote that I received from the natl office in Seoul was that between 2008-2010 was when businesses less than 5 will be effected by new policy. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Feb 15, 2007 3:24 pm Post subject: |
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| chronicpride wrote: |
| Something is wrong with that. Maybe its just wrong in execution, perhaps. I had to deal with all these specifics with a natl pension office back in 2003, in a dispute with my hagwon over pension and them having less than 5 staff. |
In either case... all foreign workers are currently required to be enrolled in the national pension plan. |
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chronicpride
Joined: 16 Jan 2003
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| Posted: Thu Feb 15, 2007 6:56 pm Post subject: |
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| I just did some poking around and confirmed that I was wrong about that pension info. The thing that may have created some confusion for me and my employer back then and periodically with others on here, is the severance payment ineligibility for staff at businesses with less than 5 employees. |
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Doogie
Joined: 19 Jan 2006
Location: Hwaseong City
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| Posted: Thu Feb 15, 2007 9:41 pm Post subject: |
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| Sorry, just to confirm, you get the combined contribution back? Yours and the schools. I think ttompatz already answered this in saying "all pension contributions". I just wanted to make sure. Thanks. |
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chronicpride
Joined: 16 Jan 2003
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| Posted: Thu Feb 15, 2007 10:43 pm Post subject: |
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| Doogie wrote: |
| Sorry, just to confirm, you get the combined contribution back? Yours and the schools. I think ttompatz already answered this in saying "all pension contributions". I just wanted to make sure. Thanks. |
It depends on your nationality, but for those who are eligible to get it back, they get the combined contribution.
http://wiki.galbijim.com/Korean_pension_plan#Pension_refund_for_foreigners |
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soom cube
Joined: 03 Feb 2007
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| Posted: Fri Feb 16, 2007 12:59 am Post subject: |
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Just got my pension refund today - three days after applying... is that a record or what? Deposited in my Korean account here - and I ain't even left the country yet!!
nice nice pension office... |
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